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2023 YEAR END and 2024 1st QUARTER Reportorial Requirements

A number of information returns and other compliance requirements for taxpayers in the first ninety (90) days or so of every year are mandated to be submitted.  There are relative penalties imposed on non-compliance.  We are issuing this reminder to ensure our compliance and to avoid any unwanted fines and penalties. Here’s a reminder that […]

Charting the New Frontier: How the 43rd ASEAN Summit Paves the Way for an Unprecedented Era of Trade and Innovation in Southeast Asia.

The 43rd ASEAN Summit is set to take place in Jakarta, Indonesia, from September 5 to 7, 2023. This summit will bring global leaders together to address critical issues, mainly focusing on security and trade within Southeast Asia. Among the attendees is the Philippines, a dedicated member of ASEAN. President Marcos Jr. will emphasize various […]

Nine-dash line: An insight into the “Barbie” movie controversy, compliance, and taxation in the Philippines

The recent “Barbie” movie controversy sparked international dialogue, entangling entertainment and geopolitics into a heated discussion about the contentious “nine-dash line” claim by China in the South China Sea. While Vietnam decided to keep the film’s magic away from its screens, the Philippines, after a meticulous review process, opened its cinemas to welcome Barbie’s adventure. […]

CRYPTO TAXES DECODED: UNDERSTANDING YOUR DIGITAL DUTIES

In the era of globalization, the world is witnessing a profound transformation in the way financial transactions are conducted. Cryptocurrency has emerged as a disruptive force with the ability to transform the global economy as it opens up new channels for cross-border transactions, investment opportunities, and financial inclusion as old barriers to commerce and finance […]

Lazada, Shopee and Online Platform Merchants are Reminded of their Tax Obligations

The digital revolution has transformed the business landscape in the Philippines. E-commerce platforms like Lazada, Shopee, and Zalora have made buying and selling goods and services more accessible. But with these new opportunities come new tax obligations. Understanding your tax responsibilities is crucial whether you’re a merchant selling your products online or a platform provider […]

The Power of Tax Residency: A Guide to Maximizing Your YouTube Earnings

Understanding your tax residency can be a game-changer in international taxation, especially for digital content creators like YouTubers. But what exactly is tax residency, and how can it help you keep more of your hard-earned money? Tax residency refers to the jurisdiction (or jurisdictions) where you are considered a resident for tax purposes. This is […]

ChatGPT, Netflix, Microsoft, Google & Other A.I. Sites Subscriptions Taxable in the Philippines?
Unraveling the Digital Tax Enigma

In the digital age, the world is at our fingertips. We are more connected than ever, from streaming our favorite shows on Netflix and using A.I. services like ChatGPT to subscribe to software licenses from Microsoft or Google. But have you ever stopped to consider these digital transactions’ tax implications? In international taxation, the place […]

The Basics of Beneficial Ownership in the Philippines

As a business owner in the Philippines, it is important to understand the concept of beneficial ownership. In simple terms, a beneficial owner is someone who has the right to enjoy the benefits of ownership of an asset, even though the legal title is held by someone else. In this guide, we will discuss the […]

UHYMAC Empowers Employees with Global Best Practices at the UHY Regional Meeting

The golden sands and emerald waves of Phuket’s SAII Laguna Resort provided the picturesque backdrop for our enlightening journey – the UHY Regional Meeting from July 12 to 14, 2023. Hosted by UHY Yongyuth Accounting & Son Co. Ltd & UHY International Executive Office, encompassing the theme “UHY Re-building Good Working Relationships in the Asia […]

Looking Ahead: The Future of Tax Returns and eCAR Requests Using the oNETT System

In accordance with Republic Act (RA) No. 11032, also known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, government agencies now use technology to improve accessibility for the general public and streamline processes. Consistent with the law, the BIR’s journey toward digital transformation has now advanced with the implementation […]